Carson City Nevada Real Estate Market Update: June 2009

Carson City saw a bit of a derease in the number of homes sold in June compared to May. In June, 33 homes sold compared to 40 in May. However, when you compare June 2008 to June 2009, year over year volume is up. In June 2008 only 27 homes sold. Some pundits think that year over year is a better comparison that month over month because it compares a similar time of year.

A whopping 88% of the homes (or 26 homes) that sold in June went for less than $200,000, demonstrating that home affordability is back in our state’s Capitol. To further demonstrate the changing dynamic of prices in Carson City, there was not a single sale over $500,000, only one over $400,000, and three between $300,000 and $400,000. There were also three sales between $200,000 and $300,000. It’s clear that buyers simply are not interested in buying in Carson City when the price goes above $200,000.

Today there are 283 homes for sale in the Carson City area. Of the 283 homes available for sale, 21 are bank owned and 35 are short sale. That means 56 – or 19.8% – of the market is distressed.

How is the absorption rate looking for Carson City? Let’s take a look…

Carson City currently has 283 homes on the market.

In June, 33 homes sold

283 / 33 = 8.57 months

June marked a slip just outside the ‘normal’ range when considering the absorption rate. A normal market is defined as 5-7 months of inventory available for sale, determined by the absorption rate. The Carson City real estate market continues to struggle to determine it’s price floor and a steady sales volume.

(Our data is from the NNRMLS, excluding all shared ownership or manufactured housing in Area 200.)